• EUR/ AUD rose higher on Wednesday as bullish retained control ahead of upcoming ahead to the ECB interest rate decision .
• The ECB is anticipated to keep rates unchanged in July, awaiting more data to confirm the return of inflation to target.
• President Lagarde is expected to emphasize that the ECB will remain data-dependent, evaluating the situation on a meeting-by-meeting basis without committing to a specific rate path.
• Technically, the moving averages are indicating a uptrend trend, while the Relative Strength Index (RSI) is strongly bullish at 70.
• Immediate resistance is located at 1.6297(23.6%fib), any close above will push the pair towards 1.6333 (June 11th high).
• Strong support is seen at 1.6243(38.2%fib) and break below could take the pair towards 1.6195(50% fib ).
Recommendation: Good to buy around 1.6240 with stop loss of 1.6130 and target price of 1.6300
